5 Best Media and Entertainment Stocks to Buy Now

Below you can find our list of the 5 best media and entertainment stocks to buy now. You can find our detailed coverage of this industry and a more comprehensive list of stocks in 10 best media stocks to buy now.

5- Comcast Corp (CMCSA)

Number of Hedge Fund Holders: 78

On July 28, Comcast Corporation (NASDAQ:CMCSA) reported earnings for the fiscal second quarter of 2022. The company reported earnings per share of $1.01 and beat expectations by $0.09. The company generated a revenue of $30.02 billion, ahead of Wall Street expectations by $346.88 million. However, for the first time, Comcast Corporation (NASDAQ:CMCSA) reported a net loss of 10,000 residential subscribers in the second quarter of 2022. The company was expected to add 84,000 net subscribers in the second quarter of 2022. As of July 2022, the company has lost roughly 30,000 broadband net subscribers since the beginning of its fiscal year.

Wall Street is bearish on Comcast Corporation (NASDAQ:CMCSA). On August 1, Barclays analyst Kannan Venkateshwar downgraded Comcast Corporation (NASDAQ:CMCSA) to Equal Weight from Overweight and slashed his price target to $42 from $48 on the shares. The analyst expects cable companies to experience flat growth in 2023, and negative growth after 2023. On August 5, Redburn analyst Steve Malcolm downgraded Comcast Corporation (NASDAQ:CMCSA) to Neutral from Buy.

At the close of Q2 2022, 75 hedge funds disclosed ownership of stakes in Comcast Corporation (NASDAQ:CMCSA). The total stakes of these hedge funds amounted to $5.4 billion, down from $7.1 billion in the previous quarter with 78 positions. The hedge fund sentiment for the stock is turning negative.

As of June 30, Gardner Russo & Gardner owns more than 4.72 million shares of Comcast Corporation (NASDAQ:CMCSA) and is the largest shareholder in the company. The fund’s stakes were valued at $185.23 million.

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